AUDUSD Analysis – August 7, 2010

AUDUSD remains in uptrend from 0.8315. Further rise to 0.9300 resistance zone is still possible next week, and minor consolidation would more likely be seen after reaching the resistance zone. Key support is at 0.8905, any pullback should be limited by this level.

For long term analysis, AUDUSD has formed a cycle bottom at 0.8066 level on weekly chart. Rise towards 0.9849 (2008 high) is expected in next several weeks.